PRESSRELEASE

PROGRESSINGNEAR-MINESATELLITETARGETSTOWARDS

PRODUCTIONIN2017Highlights:

• Currently evaluating three near surface exploration targets within short trucking distance ofexistingprocessingplant:NkranExtension,AdubiasoExtensionandAkwasiso.

• NkranExtensionresourceestimatecompleted:Measured& IndicatedMineralResources758,658tonnesat1.76g/tfor42,930containedouncesofgoldat0.8g/tcut-off.

• Adubiaso Extension resource estimate previously announced: Measured & Indicated MineralResources628,600tonnesat1.89g/tfor38,250containedouncesofgoldat0.8g/tcut-off.

• New larger target, Akwasiso, focus of current drillingwith 4,200mdrilled to date and aMineralResourceEstimateexpectedinQ42016.

• Supplementary Environmental Impact Studies for Adubiaso Extension submitted to relevantGovernment regulatory bodies, Nkran Extension scheduled for submission by end of Q3 2016.Permitsexpectedintimeforcommencementofmininginearly2017.

Vancouver,BritishColumbia,August8,2016–AsankoGoldInc.(“Asanko”orthe“Company”)(TSX,NYSEMKT:AKG) providesanupdateonnearmineexplorationactivity focusedon identifyingadditionaloxideresourceswithing short trucking distance of the existing operations at the AsankoGoldMine in Ghana,WestAfrica.PeterBreese,PresidentandCEO,commented“Thethreecurrentexplorationtargetsofferimmediate,low-cost, incrementalouncesthatwillkeepour“hungry”mill full forthenexttwoyearswhilewedevelopourPhase2Aexpansionproject.Thesenear-surfacedepositsarenowbeingincorporatedintoourLifeofMinePlan,withminingtargetedtocommenceinearly2017.Akwasiso isanexcitingnewtargetwhich is incloseproximitytotheNkranExtensionandisan importantaddition to our satellite deposit project pipeline. We are targeting an initial Mineral Resource EstimateduringQ42016.”NkranExtensionTheNkranExtension(Annexure1)islocatedontheNkranshearstructure,approximately1.5kmfromtheNkranpit,andrunsfor900mNorth-SouthadjacenttotheexistingTailingsStorageFacility(“TSF”).ThezoneofinterestwasoriginallyindicatedfromsterilizationdrillingfortheTSFin2013.DuringQ12016thezonewasinfilledbyRCdrillingonaheel-toe40mx20mgrid.Followingthecompletedassayingofthe29RCdrillholes(approximately2,200m),aclassifiedMineralResourcehasbeenestimated.GiventheseadditionalresourcesarepartofandnotamaterialadditiontotheestimatedAsankoGoldMineresources,noseparatetechnicalreportwillbepreparedforthem.

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Table1:NkranExtension–MeasuredandIndicatedResources

Cut-Off(g/tgold) Tonnage Grade(g/t) GoldOunces0.5 1,001,515 1.49 47,9670.6 913,008 1.58 46,4140.7 830,438 1.67 44,6910.8 758,658 1.76 42,9601.0 631,098 1.94 39,294

Table2:NkranExtension-InferredResources

Cut-Off(g/tgold) Tonnage Grade(g/t) GoldOunces0.5 1,033,300 1.36 45,3030.6 899,110 1.48 42,9240.7 810,495 1.58 41,0770.8 740,643 1.65 39,3861.0 610,805 1.82 35,671

Notes:Allfiguresareinmetrictonnesandcolumnsmaynotaddupduetorounding.Agoldcut-offgradeof0.8g/thasbeenused.TheMineral Resources are stated as in situ tonnes. Individual densitieswere used per ore domain. The tonnages and contents arestatedas100%,whichmeansnoattributableportionshavebeenstatedinthetableconversionfromgramstoounces–31.10348.AdubiasoPitExtension(previouslyannounced,seepressreleasedatedApril27,2016)The Adubiaso pit (Annexure 1) is a previously mined satellite pit at the Asanko Gold Mine which isestimatedtocontain1.8milliontonnesofProvenandProbableMineralReservesat2.07g/tgold1.TheseMineralReservesliepredominantlyundertheoldpitandformpartofthecurrentlife-of-mineplanfortheAsankoGoldMine2.In2015,mineralizationintwozonesovera300mstrikelengthextendingtotheNorth-Eastoftheexistingpitwereidentifiedbasedonananalysisofhistoricaldrillholedata.Inthefirstquarterof2016,theCompanydrilled20holes(approximately2,100me)ofReverseCirculation(RC)drillinganddelineatedaclassifiedMineralResource,asperthetablesbelow.Giventheseadditionalresources are part of and not a material addition to the estimated Asanko Gold Mine resources, noseparatetechnicalreportwillbepreparedforthem.Table3:AdubiasoExtension-MeasuredandIndicatedResources

Cut-Off(g/tgold) Tonnage Grade(g/t) Ounces0.5 992,408 1.43 45,6120.6 833,738 1.60 42,8120.7 714,505 1.76 40,3200.8 628,602 1.89 38,2491.0 482,590 2.19 34,034

1AsankoGoldMineDefinitiveProjectPlanasfiledonSEDARonNovember13,2014.

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Table4:AdubiasoExtension-InferredResources

Cut-Off(g/tgold) Tonnage Grade(g/t) Ounces0.5 406,846 1.69 21,3940.6 328,860 1.96 20,0420.7 269,528 2.24 18,8150.8 239,597 2.42 18,0861.0 191,347 2.79 16,657

Notes:Thecut-offgradeusedfortheAsankoGoldMine–Phase1Projectresources(Nkran,Adubiaso,Abore,DynamiteHill&Asuadai)was0.8g/t.Columnsmaynotaddupduetorounding.Allfiguresareinmetrictonnes.TheMineralResourcesarestatedasinsitutonnes. Individual densities were used per ore domain. The tonnages and contents are stated as 100%, which means noattributableportionshavebeenstatedinthetableconversionfromgramstoounces–31.10348.

AdubiasoandNkranExtensionsDevelopmentTimelineWorkisnearingcompletionontheMineralReserveEstimatesforthetwoextensions,basedonWhittlepitdesigns,waste dumpplanning andwatermanagement programs. The permitting process is alsomakinggoodprogress. As both deposits are located on the Company’s existingAbriemmining lease, permittingonly requires that a supplementary Environmental Impact Study (“EIS”) be submitted to the relevantgovernmentregulatorybodies.ThesupplementaryEISforAdubiasoExtensionhasbeensubmittedandtheNkranExtensionpermitapplicationswillbe lodgedwith the relevant regulatorybodiesby theendofQ32016.TherequisitepermitsareexpectedtobegrantedduringH22016.

Miningoperationsareexpected tobegin immediately following the receiptof thepermits. As such, thetwo extensions have been incorporated into the new Asanko Gold Mine Life of Mine plan, which isexpectedtobeannouncedinQ32016aspartoftheDefinitiveFeasibilityStudyforthePhase2expansionproject.AkwasisoSatelliteDepositTheAkwasisodeposit(Annexure1)islocatedontheNkranshearcorridorandliesapproximately2kmnorthof the current Nkran pit, immediately north of Nkran Extension and approximately 5km south of theDynamite Hill deposit. Until recently the area was designated as Small Miner’s Concessions. Asankorecently obtained the rights to themineral concessions, which are contained within its existing Abriemmininglease.TheAkwasiso targetarea isparticularlyprospectiveas itwaspreviouslydrilledby thepastownerof themineralconcessionsandhasaknownnon-compliantMineralResourceEstimate. Asanko iscompletinga5,000m diamond drilling program primarily designed to validate the geology and grade continuity ofmineralizedzonesdefinedbythepreviousoperator’scampaignin2000and2001.TheCompanyexpectstopublishaninitialNI43-101compliantMineralResourceEstimateduringQ42016.To date a total of 3,500m of diamond drilling has been completed with assay results pending. Visualinspectionofthecurrentprogram’scoreshowssimilaritiesofthemineralizationstyletoNkranandothersatellite deposits, with intrusive granite, a mixed sedimentary package, with altered and mineralizedsandstoneunitswithsilicificationandquartzveining.Thehistoricaldrillingonlyevaluatedthedeposittoadepthof 100metres. The current programwill incorporate deeper drilling tomore fully understand thepotentialofthedeposit.Drillingresultswillbeannouncedastheybecomeavailable.QualifiedPersonsStatementsThe Mineral Resource Estimate (“MRE”) for the Nkran Extension was prepared by Joseph Mamphey,Diploma Geological Engineering, MSc Geostatistics, MRM Asanko Gold Mine, and audited by Charles J.Muller, B.Sc. Geology (Hons), PR.Sci.Nat., MGSSA, a Director of CJM Consulting Pty Ltd. (“CJM”) ofJohannesburg,SouthAfrica.TheMREisreportedinaccordancewithCanadianNationalInstrument43-101

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requirementsandtheSouthAfricanCodeofReportingofExplorationResults(SAMREC),whichisconsistentwiththeCIMEstimationBestPracticeGuidelinesinCanada.PhilipNBentley,PR.Sci.Nat.,FGSSA,MSc,MSc(Minex),ExecutiveGeologyandResourcesforAsanko isaqualifiedpersonwithrespecttoNI43-101andhassupervisedthescientificortechnicalinformationforthispressrelease.Enquiries:Forfurtherinformationpleasevisit:www.asanko.com,email:info@asanko.comorcontact: AlexBuck-Manager,InvestorandMediaRelationsToll-Free(N.America):1-855-246-7341Telephone:+44-7932-740-452Email:alex.buck@asanko.comWayneDrier-Executive,CorporateDevelopmentTelephone:+1-778-729-0614Email:wayne.drier@asanko.com

AboutAsankoGoldInc.Asanko’svisionistobecomeamid-tiergoldminingcompanythatmaximizesvalueforallitsstakeholders.TheCompany’sflagshipprojectisthemulti-millionounceAsankoGoldMinelocatedinGhana,WestAfrica.Themineisbeingdevelopedinphases.Phase1commencedgoldproductioninJanuary2016anddeclaredcommercialproductiononApril1,2016.Ramp-uptosteadystateproductionof190,000ouncesperannumwasachievedinQ22016.Asanko ismanagedbyhighlyskilledandsuccessful technical,operationalandfinancialprofessionals.TheCompany is strongly committed to the highest standards for environmental management, socialresponsibility,andhealthandsafetyforitsemployeesandneighbouringcommunities.Forward-LookingandotherCautionaryInformationThis release includes certain statements thatmay be deemed "forward-looking statements". All statements in thisrelease,other thanstatementsofhistorical facts, thataddressestimated resourcequantities,gradesandcontainedmetals,possiblefuturemining,explorationanddevelopmentactivities,areforward-lookingstatements.AlthoughtheCompanybelievestheforward-lookingstatementsarebasedonreasonableassumptions,suchstatementsshouldnotbeinanywayconstruedasguaranteesoffutureperformanceandactualresultsordevelopmentsmaydiffermateriallyfromthoseintheforward-lookingstatements.Factorsthatcouldcauseactualresultstodiffermateriallyfromthoseinforward-looking statements include market prices for metals, the conclusions of detailed feasibility and technicalanalyses,thetimelyrenewalofkeypermits,lowerthanexpectedgradesandquantitiesofresources,miningratesandrecoveryratesandthelackofavailabilityofnecessarycapital,whichmaynotbeavailabletotheCompanyontermsacceptabletoitoratall.TheCompanyissubjecttothespecificrisksinherentintheminingbusinessaswellasgeneraleconomic and business conditions. For more information on the Company, Investors should review the Company'sannualForm20-FfilingwiththeUnitedStatesSecuritiesCommissionanditshomejurisdictionfilingsthatareavailableatwww.sedar.com.NeitherTorontoStockExchangenortheInvestmentIndustryRegulatoryOrganizationofCanadaacceptsresponsibilityfortheadequacyoraccuracyofthisrelease.CautionaryNotetoUSInvestorsRegardingMineralReportingStandards:Asankohasprepareditsdisclosure inaccordancewiththerequirementsofsecurities lawsineffect inCanada,whichdifferfromtherequirementsofUSsecuritieslaws.TermsrelatingtomineralresourcesinthispressreleasearedefinedinaccordancewithNationalInstrument43-101-StandardsofDisclosureforMineralProjectsundertheguidelinessetout in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and MineralReserves.TheSecuritiesandExchangeCommission(the“SEC”)permitsminingcompanies,intheirfilingswiththeSEC,todiscloseonlythosemineraldepositsthatacompanycaneconomicallyandlegallyextractorproduce.Asankouses

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certainterms,suchas,“measuredmineralresources”,“indicatedmineralresources”,“inferredmineralresources”and“probablemineralreserves”,thattheSECdoesnotrecognize(thesetermsmaybeusedinthispressreleaseandareincluded in the public filings of Asanko which have been filed with securities commissions or similar authorities inCanada).Annexure1LocalityplanofAdubiasoExtension,NkranExtensionandAkwasisoSatelliteMineralization